Category: Income Tax

Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …

Books of accounts regularly maintained can not be rejected for mere non compliance of Rule 6F – ITAT In a recent judgment, ITAT Chennai has held that merely quoting non compliance of Rule 6F and section 145(3) of the Act, the AO cannot reject books of accounts regularly …

Capital generation capability not profit generation ability to be seen for investment – ITAT deleted addition u/s 68  In a recent judgment, ITAT Delhi deleted addition u/s 68 and held that tax authorities erred in believing that new investment can be made only on the basis of profit …

ITAT followed recent decision of High Court to held that approval u/s 151 by JCIT by merely recording as ‘yes’ was bad in law.  In a recent order, ITAT Delhi following a recent decision of the High Court held that approval u/s 151 by JCIT by merely recording …

Order us/ 148A(d) set aside as it was a reproduction of notice showing AO had not considered the petitioner’s response.  In a recent judgment, Hon’ble Delhi High Court has set aside order us/ 148A(d) as the order was a reproduction of the notice indicating that the AO had …

CBDT extends due date for filing returns for AY 2024-25 from 31.10.2024 to 15.11.2024 F. No. 225/205/2024/ITA-IIGovernment of IndiaMinistry ·of FinanceDepartment of RevenueCentral Board of Direct Taxes***** Circular No.13 /2024 New Delhi, dated 26th October, 2024 Subject: – Extension of due date for furnishing return of income for …

Section 5A of Income Tax Act is applicable only to division of income between spouses governed by Portuguese Civil Code. Section 5A does not deal with the division of assets. In a recent judgment, Bombay High Court has held that Section 5A of Income Tax Act 1961 is …

Cryptic order passed in casual manner by CIT(A) liable for imposition of cost on account of gross violation of statutory provisions of law and principles of natural justice. In a recent judgment, the ITAT Amritsar has held that a cryptic order passed in casual manner by the CIT(A) …

CBDT notifies tolerance range in transfer pricing for variation between ALM u/s 92C for AY 2024-25 MINISTRY OF FINANCE(Department of Revenue) Notification No. 116/2024 New Delhi, the 18th October, 2024 INCOME-TAX S.O. 4571(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C …

Loose excel sheets without any corroboration thereof, was not adequate enough to draw adverse inference of unaccounted loans by the assessee-firm – ITAT In a recent judgment, the ITAT Chennai has held that loose excel sheets found during search without any corroboration thereof, was not adequate enough to …